AO did not record his satisfaction for initiation of penalty proceedings, because while passing the assessment order passed u/s. 143(3)(ii), the AO has stated that  .. Penalty proceedings u/s. 271(1)(c)is being initiated separately for furnishing inaccurate particulars of income / concealment income ., which is not sufficient - Tri

Income Tax - AO did not record his satisfaction for initiation of penalty proceedings, because while passing the assessm .....